What commission does an Australian broker charge on gold CFDs?
Verdict
- It depends on the account: Pepperstone, our pick, charges no commission on gold on its Standard account and AUD 4.50 per side on Razor via MT5 in an AUD account, or USD 3.50 per side on cTrader in a USD account.
- Other ASIC-licensed brokers publish similar raw-account rates: IC Markets $3.50 per side and FP Markets $3 per side, with commission-free standard accounts.
- Commission is only half the cost; add the spread, where Pepperstone's published gold averages are 0.12 on Razor and 0.19 on Standard.
- Pepperstone's 24/7 GOLD perpetual uses a percentage instead, 0.03% per side, which works out far dearer per trade than the cash CFD.
Australian brokers usually price gold one of two ways: a raw spread plus a fixed commission per lot, or a wider spread with no commission. Neither is automatically cheaper. Below are the published rates and what they add up to per trade.
Pepperstone's gold commission, account by account
Pepperstone Group Limited (ASIC, AFSL 414530) charges commission only on Razor, in your account currency, per side, so you pay it when you open and again when you close.
| Account and platform | Account currency | Per side | Round trip per lot |
|---|---|---|---|
| Razor, MT5 | AUD | AUD 4.50 | AUD 9 |
| Razor, cTrader | USD | USD 3.50 | USD 7 |
| Razor, MT4 | AUD | Charged in full when the trade opens | Confirm the gold rate in the fee schedule |
| Standard, any platform | Any | None | None |
| GOLD perpetual | Any | 0.03% of position value | 0.06% |
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Commission plus spread: the figure that matters
Gold spreads are quoted per ounce, so the commission comparison only makes sense alongside them. Per 100-ounce round trip in a USD account, using each broker's published average:
- IC Markets Raw Spread: $9 spread + $7 commission = about $16 (spread from its global pricing page).
- FP Markets Raw: $12 + $6 = about $18.
- Pepperstone Razor on cTrader: $12 + $7 = about $19.
- Pepperstone Standard: $19 spread, no commission = about $19.
- FP Markets Standard: $25 spread, no commission = about $25.
The percentage commission on the gold perpetual
Pepperstone's GOLD perpetual CFD trades 24/7 and charges 0.03% per side instead of a per-lot fee. On 10 ounces at an illustrative US$3,000, that's $9 each way, or $18 round trip, before any spread or funding. The same 0.1 lot as a Razor cash CFD costs about $1.20 of average spread plus $0.70 commission. The perpetual buys weekend access, not a cheaper trade, and its Australian page doesn't say whether retail clients can use it.
Which pricing model suits you
- Trading gold a few times a month: Pepperstone Standard keeps it to one number with no commission line.
- Using TradingView or MT4: you need Razor, where the all-in cost on gold is about the same as Standard.
- Trading many lots a week: the $2-3 gap per lot between brokers starts to add up, so test IC Markets and FP Markets as well.
- Holding overnight: financing can outweigh commission on longer holds, so check the swap rate too.
Sources
Commission and spread figures as published by each broker.
Does Pepperstone charge commission on Standard-account gold trades?
No. The cost on Standard is the spread, which averages 0.19 on gold.
Why is the MT5 rate in AUD but the cTrader rate in USD?
Commission is charged in your account currency. Pepperstone publishes AUD 4.50 per side for gold on MT5 with an AUD account, and USD 3.50 per side for gold on cTrader with a USD account.
Is commission charged on both opening and closing?
Yes. 'Per side' means each leg, so a completed trade pays it twice. On MT4, Pepperstone charges the full amount when the position opens.
CFDs are complex, leveraged products with a high risk of losing money fast. Commissions and average spreads are as published and can change; spreads widen in volatile markets. Check current fees in the PDS before trading. Not investment advice.